Figures from the Office for National Statistics have revealed that there are now 1.3m Britons who have reached state pension age but continue to work because they cannot afford to retire. These individuals make up the fastest growing age group in the workforce and over the past three months accounted for 46% of the country's entire 76,000 rise in employment.
Experts have dismissed suggestions that these pensioners remain in employment because they enjoy the stimulation and sense of achievement. Neil Duncan-Jordan, from the National Pensioners' Convention, commented: “There is a myth that pensioners are working because they are having a wonderful time. When you ask people, “Would you give up work tomorrow if you could?”, the answer is nearly always, “Yes”.”
According to Tom McPhail of Hargreaves Lansdown, the army of older workers will continue to grow. He said: “We have seen a catastrophe in pension savings which means more and more people are going to have to work rather than enjoy a well-earned rest.”
